PH trade potential with India cited
INDIA, one of the largest economies in South Asia, has been identified as a destination for Filipino exporters with its growing market for Philippine products and the existence of preferential trade agreements.
During the Markets of the World forum hosted by the World Trade Center Metro Manila, Dr. Jhino B. Ilano, Assistant Director of the Export Marketing Bureau of the Department of Trade and Industry (DTI), reported that there is unrealized export potential in India estimated at US$566.92 million.
These exports could come from electronics, Halal-based products, personal care and beauty products, coconut products, and other organic products such as dairy products and eggs.
Filipino exporters can also take advantage of the ASEAN-India Free Trade Agreement (AIFTA) where the Philippines enjoys reduced tariffs for 94% of exports to India.
Speaking before over 60 participants, Dr. Ilano shared that total trade with India has been growing by 4.2% (CAGR) from 2018 to 2022, reaching US$2.8 billion in 2022. Total exports were at US$2.1 billion while imports totaled US$701.4 million.
India ranks as the country’s 15th largest trading partner with a 1.31% share of total trade with the Philippines. It is 16th among the country’s export markets with a 0.89% share of total exports, and 14th among import suppliers with a 1.53% share of total imports.
Raju Mandhyan, former Chairman of the Philippines India Business Council (PIBC), meanwhile said that India is the fastest growing large economy in the world before and after the pandemic.
He said India has large domestic demand, with demand outpacing supply. Two-thirds of GDP is reportedly accounted by domestic demand, driven by a large market of 1.4 billion population – the largest human resource in the world.
Mandhyan added that investment potentials in India are in the fields of beauty and wellness, tourism and travel, luxury goods, food and beverages, and aqua and seafood products. Imports from India meanwhile include engineering goods like machinery, equipment and components, pharmaceuticals, and educational content.
“India is such an exciting market with many positive developments happening in various sectors,” said WTCMM Chairman Pamela D. Pascual. “Progress is seen on trade, investment, economic, scientific, and technical cooperation. With the world’s exponential growth in digitalization and globalization, both countries have emerged as frontliners in the service sectors, particularly in the business process outsourcing industry. WTCA alone has over 60 license holders across India making it one of the largest WTC contingents in the world.”
Pascual bared that WTCMM is putting together a Philippine delegation to participate in the annual World Trade Centers Association (WTCA) Global Business Forum hosted by WTC Bengaluru, India in March 2024. On these annual WTCA gatherings, trade delegations from different parts of the world participate in B2B meetings and collaborations.Â
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About World Trade Center Metro Manila
With over 26 years of professional experience in world-class service and unparalleled expertise in exhibitions, trade shows, and special events, WTCMM is the first in the Philippines to be recognized as such by Union des Foires Internationales (UFI), the global association of the exhibition industry; and the only exhibition center in the country to be managed by an ISO-certified company, the Manila Exposition Complex, Inc.
It is an accredited MICE venue of the Department of Tourism (DOT) and Tourism Promotions Board (TPB), a member of the Tourism Congress of the Philippines (TCP), and the Philippine Association of Convention Exhibition Organizers and Suppliers (PACEOS). For more information, please visit www.wtcmanila.com.ph.
About Markets of the World
Now on its 10th Markets of the World (MOW) is a market briefing seminar that features the latest industry trends, business opportunities, and best practices in the global arena that strengthen international trade through exports, and imports as well as in other industries. Participants in this seminar come from different kinds of enterprises. It includes representatives from small and medium enterprises, government officials, members of trade organizations, and even top executives at major corporations.